American social media giant Facebook Inc is working on integrating Non-Fungible Tokens (NFTs) in its soon to be launched Novi Digital Wallet.
Speaking to Bloomberg TV, David Marcus, the Facebook executive in charge of the firm’s crypto development, revealed that the firm is working to integrate NFTs to support the consumers using the innovative wallet.
“We’re definitely looking at the number of ways to get involved in the space because we think we’re in a really good position to do so,” Marcus noted, adding “When you have a good crypto wallet as Novi will be, you also have to think about how to help consumers support NFTs.”
NFTs are the new buzzword in the digital currency space. The new technology helps to prove the ownership of digital collectables that are stored on the blockchain. Over the past year, millions of dollars worth of NFTs have been auctioned off, including Beeple’s every day, which sold for a record $69.3 million.
While the costly type of NFTs is out of the reach of the masses, NFT marketplaces like OpenSea and Rarible are notably helping lower the barrier of entry to own, store and trade digital collectables. With these, the mainstream adoption of these rare artworks is surging, a move that is billed to surge further with the proposed Novi wallet integration.
While Marcus could not state the exact types of NFT products the Novi wallet will support, he noted that the firm’s developers are actively working on the project. The Novi wallet was initially designed to support the social media giant’s Diem cryptocurrency project. However, the launch of this project has stalled due to regulatory pressures from various authorities around the world.
Yet, Marcus revealed the Novi wallet is not on track to be floated as a standalone wallet, and the embrace of NFTs may push the innovation even more to the mainstream.
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